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Partnership Firm Registration In Bangalore

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Company Registration in Chennai

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Company Registration in Chennai | Service Tax Consultants

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Partnership Firms Registration Procedure Under Indian Partnership Act

A partnership firm is one of the most important forms of a business organization. It is a popular form of business structure in India. A minimum of two persons are required to establish a partnership firm. A partnership firm is where two or more persons come together to establish a business and divide its profits amongst themselves in the agreed ratio. The partnership business includes any kind of trade, occupation and profession.

The Indian Partnership Act, 1932 governs and regulates partnership firms in India. The persons who come together to form the partnership firm are knowns as partners. The partnership firm is constituted under a contract between the partners. The contract between the partners is known as a partnership deed which regulates the relationship among the partners and also between the partners and the partnership firm.

Advantages of Partnership Firm

Easy to Incorporate

The incorporation of a partnership firm is easy as compared to the other forms of business organizations. The partnership firm can be incorporated by drafting the partnership deed and entering into the partnership agreement. Apart from the partnership deed, no other documents are required. It need not even be registered with the Registrar of Firms. A partnership firm can be incorporated and registered at a later date as registration is voluntary and not mandatory.

Less Compliances

The partnership firm has to adhere to very few compliances as compared to a company or LLP. The partners do not need a Digital Signature Certificate (DSC), Director Identification Number (DIN), which is required for the company directors or designated partners of an LLP. The partners can introduce any changes in the business easily. They do have legal restrictions on their activities. It is cost-effective, and the registration process is cheaper compared to a company or LLP. The dissolution of the partnership firm is easy and does not involve many legal formalities.

Quick Decision

The decision-making process in a partnership firm is quick as there is no difference between ownership and management. All the decisions are taken by the partners together, and they can be implemented immediately. The partners have wide powers and activities which they can perform on behalf of the firm. They can even undertake certain transactions on behalf of the partnership firm without the consent of other partners.

Sharing of Profits and Losses

The partners share the profits and losses of the firm equally. They even have the liberty of deciding the profit and loss ratio in the partnership firm. Since the firm’s profits and turnover are dependent on their work, they have a sense of ownership and accountability. Any loss of the firm will be borne by them equally or according to the partnership deed ratio, thus reducing the burden of loss on one person or partner. They are liable jointly and severally for the activities of the firm.

Disadvantages of Partnership Firm

Unlimited Liability

The biggest disadvantage of the partnership firm is having an unlimited liability of the partners. The partners have to bear the loss of the firm out of their personal estate. Whereas in a company or LLP, the shareholders or partners have liability limited to the extent of their shares. The liability created by one partner of the partnership firm is to be borne by all the partners of the firm. If the firm’s assets are insufficient to pay the debt, then the partners will have to pay off the debt from their personal property to the creditors.

No Perpetual Succession

The partnership firm does not have perpetual succession, as in the case of a company or LLP. This means that a partnership firm will come to an end upon the death of a partner or insolvency of all the partners except one. It may also be dissolved if a partner gives notice of dissolution of the firm to the other partners. Thus, the partnership firm can come to an end at any time.

Limited Resources

The maximum number of partners in a partnership firm is 20. There is a restriction on the number of partners, and hence the capital invested in the firm is also restricted. The capital of the firm is the sum total of the amount invested by each partner. This restricts the firm’s resources, and the partnership firm cannot take up large scale business.

Difficult to Raise Funds

Since the partnership firm does not have perpetual succession and a separate legal entity, it is difficult to raise capital. The firm does not have many options for raising capital and growing its business as compared to a company or LLP. As there are no strict legal compliances, people have less faith in the firm. The accounts of the firm need not be published. Thus, it is difficult to borrow funds from third parties.

What is Partnership Registration?

Partnership registration means the registration of the partnership firm by its partners with the Registrar of Firms. The partners should register their firm with the Registrar of Firms of the state where the firm is located. Since partnership firm registration is not compulsory, the partners can apply for registration of the partnership firm either at the formation of the firm or subsequently at any time during its operation.

For partnership registration, the two or more people must come together as partners, agree on a firm name and enter into a partnership deed. However, partners cannot be members of a Hindu Undivided Family or husband and wife.

Importance of Registering a Partnership Firm

The registration of a partnership firm is optional and not compulsory under the Indian Partnership Act. It is at the discretion of the partners and voluntary. The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business.

However, it is always advisable to register the partnership firm as a registered partnership firm enjoys certain special rights and benefits as compared to the unregistered firms. The benefits that a partnership firm enjoy are:

A partner can sue against any partner or the partnership firm for enforcing his rights arising from a contract against the partner or the firm. In the case of an unregistered partnership firm, partners cannot sue against the firm or other partners to enforce his right.

The registered firm can file a suit against any third party for enforcing a right from a contract. In the case of an unregistered firm, it cannot file a suit against any third party to enforce a right. However, any third party can file a suit against the unregistered firm.

The registered firm can claim set-off or other proceedings to enforce a right arising from a contract. The unregistered firm cannot claim set off in any proceedings against it.

Procedure for Registering a Partnership Firm

Step 1: Application for Registration

An application form has to be filed to the Registrar of Firms of the State in which the firm is situated along with prescribed fees. The registration application has to be signed and verified by all the partners or their agents. The application can be sent to the Registrar of Firms through post or by physical delivery, which contains the following details:

The name of the firm.

The principal place of business of the firm.

The location of any other places where the firm carries on business.

The date of joining of each partner.

The names and permanent addresses of all the partners.

The duration of the firm.

Step 2: Selection of Name of the Partnership Firm

Any name can be given to a partnership firm. But certain conditions need to be followed while selecting the name::

The name should not be too similar or identical to an existing firm doing the same business.

The name should not contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

Step 3: Certificate of Registration

If the Registrar is satisfied with the registration application and the documents, he will register the firm in the Register of Firms and issue the Registration Certificate. The Register of Firms contains up-to-date information on all firms, and anybody can view it upon payment of certain fees.

An application form along with fees is to be submitted to the Registrar of Firms of the State in which the firm is situated. The application has to be signed by all partners or their agents.

Documents for Registration of Partnership

The documents required to be submitted to Registrar for registration of a Partnership Firm are:

Application for registration of partnership (Form 1)

Certified original copy of Partnership Deed.

Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct.

PAN Card and address proof of the partners.

Proof of principal place of business of the firm (ownership documents or rental/lease agreement).

If the registrar is satisfied with the documents, he will register the firm in the Register of Firms and issue a Certificate of Registration. Register of Firms contains up-to-date information on all firms and can be viewed by anybody upon payment of certain fees.

Partnership Firm Registration Fees

The government fees applicable for a partnership firm registration varies from state to state depending on the partner’s contribution. However, you can file for partnership firm registration online through the Synmac Partnership Firm Registration Plan.

The Partnership Firm Registration Plan amount includes the following services:

PAN application

Partnership deed drafting

Filing of deed and other documents with the Registrar of Firms

Issue of registration certificate

100% online process

Session with Synmac expert

*Price shown above may vary. Please click here to contact our experts for complete pricing details

Name Given to the Partnership Firm

Any name can be given to a partnership firm as long as you fulfil the following conditions:

The name shouldn’t be too similar or identical to an existing firm doing the same business,

The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

Partnership Deed

A partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned. A partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.

Details Required in a Partnership Deed

General details

Name and address of the firm and all the partners.

Nature of business.

Date of starting of business Capital to be contributed by each partner.

Capital to be contributed by each partner.

Profit/loss sharing ratio among the partners.

Specific details

Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:

Interest on capital invested, drawings by partners or any loans provided by partners to the firm.

Salaries, commissions or any other amount to be payable to partners.

Rights of each partner, including additional rights to be enjoyed by the active partners.

Duties and obligations of all partners.

Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of the firm.

Other clauses as partners may decide by mutual discussion.

Timelines for Partnership Firm Registration

The partnership firm registration process takes approximately 10 days, subject to departmental approval and reverts from the respective department.

Checklist for Partnership Firm Registration

Drafting of Partnership Deed.

Minimum two members as partners.

Maximum of equal to or less than twenty partners.

Selection of appropriate name.

Principal Place of business.

PAN card and bank account of the firm.

#partnership firm registration #partnership

Partnership Firm Registration In Bangalore

Company Registration in Chennai

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Partnership Firms Registration Procedure Under Indian Partnership Act

Advantages of Partnership Firm

Easy to Incorporate

Less Compliances

Quick Decision

Sharing of Profits and Losses

Disadvantages of Partnership Firm

Unlimited Liability

No Perpetual Succession

Limited Resources

Difficult to Raise Funds

What is Partnership Registration?

Importance of Registering a Partnership Firm

The registered firm can claim set-off or other proceedings to enforce a right arising from a contract. The unregistered firm cannot claim set off in any proceedings against it.

Procedure for Registering a Partnership Firm

Step 1: Application for Registration

The name of the firm.

The principal place of business of the firm.

The location of any other places where the firm carries on business.

The date of joining of each partner.

The names and permanent addresses of all the partners.

The duration of the firm.

Step 2: Selection of Name of the Partnership Firm

Any name can be given to a partnership firm. But certain conditions need to be followed while selecting the name::

The name should not be too similar or identical to an existing firm doing the same business.

The name should not contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

Step 3: Certificate of Registration

An application form along with fees is to be submitted to the Registrar of Firms of the State in which the firm is situated. The application has to be signed by all partners or their agents.

Documents for Registration of Partnership

The documents required to be submitted to Registrar for registration of a Partnership Firm are:

Application for registration of partnership (Form 1)

Certified original copy of Partnership Deed.

Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct.

PAN Card and address proof of the partners.

Proof of principal place of business of the firm (ownership documents or rental/lease agreement).

Partnership Firm Registration Fees

The Partnership Firm Registration Plan amount includes the following services:

PAN application

Partnership deed drafting

Filing of deed and other documents with the Registrar of Firms

Issue of registration certificate

100% online process

Session with Synmac expert

*Price shown above may vary. Please click here to contact our experts for complete pricing details

Name Given to the Partnership Firm

Any name can be given to a partnership firm as long as you fulfil the following conditions:

The name shouldn’t be too similar or identical to an existing firm doing the same business,

The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

Partnership Deed

Details Required in a Partnership Deed

General details

Name and address of the firm and all the partners.

Nature of business.

Date of starting of business Capital to be contributed by each partner.

Capital to be contributed by each partner.

Profit/loss sharing ratio among the partners.

Specific details

Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:

Interest on capital invested, drawings by partners or any loans provided by partners to the firm.

Salaries, commissions or any other amount to be payable to partners.

Rights of each partner, including additional rights to be enjoyed by the active partners.

Duties and obligations of all partners.

Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of the firm.

Other clauses as partners may decide by mutual discussion.

Timelines for Partnership Firm Registration

The partnership firm registration process takes approximately 10 days, subject to departmental approval and reverts from the respective department.

Checklist for Partnership Firm Registration

Drafting of Partnership Deed.

Minimum two members as partners.

Maximum of equal to or less than twenty partners.

Selection of appropriate name.

Principal Place of business.

PAN card and bank account of the firm.

#partnership #partnership firm registration #gst #itr #income tax

GST Registration In Chennai

Company Registration in Chennai

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INTRODUCTION GST :

All persons classified as taxable person under GST are required to obtain GST registration and begin filing GST monthly returns from the month of September, 2017. In this article, we look at the list of documents required for GST registration in India.

We provide below services:

1.GST Registration Consultants In Chennai

2.GST Consultants In Chennai

3.GST Registration Procedure In Chennai

4.GST Services In Chennai

Documents Required for GST Registration

1. PAN Card of the Business or Applicant

GST registration is linked to the PAN of the business. Hence, PAN must be obtained for the legal entity before applying for GST Registration.

2. Identity and Address Proof along with Photographs

The following persons are required to submit their identity proof and address proof along with photographs. For identity proof, documents like PAN, passport, driving license, Aadhaar card or voters identity card can be submitted. For address proof, documents like passport, driving license, Aadhaar card, voters identity card and ration card can be submitted.

Proprietary Concern — Proprietor

Partnership Firm / LLP — Managing/Authorized/Designated Partners (personal details of all partners are to be submitted but photos of only ten partners including that of Managing Partner are to be submitted)

Hindu Undivided Family — Karta

Company- Managing Director, Directors and the Authorized Person

Trust — Managing Trustee, Trustees and Authorized Person

Association of Persons or Body of Individuals-Members of Managing Committee (personal details of all members are to be submitted but photos of only ten members including that of Chairman are to be submitted)

Local Authority — CEO or his equivalent

Statutory Body — CEO or his equivalent

Others — Person(s) in Charge

3. Business Registration Document

Proof of business registration must be submitted for all types of entities. For proprietorships there is no requirement for submitting this document, as the proprietor and proprietorship are considered the same legal entity.

In case of partnership firm the partnership deed must be submitted. In case of LLP or Company, the incorporation certificate from MCA must be submitted. For other types of entities like society, trust, club, government department or body of individuals, registration certificate can be provided.

4. Address Proof for Place of Business

For all places of business mentioned in the GST registration application, address proof must be submitted. The following documents are acceptable as address proof for GST registration.

5. For Own premises

Any document in support of the ownership of the premises like latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.

6. For Rented or Leased Premises

copy of the valid rental agreement with any document in support of the ownership of the premises of the Lessor like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill. If rental agreement or lease deed is not available, then an affidavit to that effect along with any document in support of the possession of the premises like copy of electricity bill is acceptable.

7. SEZ Premises

If the principal place of business is located in an SEZ or the applicant is an SEZ developer, necessary documents/certificates issued by Government of India are required to be uploaded.

8. All Other Cases

For all other cases, a copy of the consent letter of the owner of the premises with any document in support of the ownership of the premises of the Consenter like Municipal Kharta copy or Electricity Bill copy. For shared properties also, the same documents can be uploaded.

9. Bank Account Proof

Scanned copy of the first page of bank passbook or the relevant page of bank statement or scanned copy of a cancelled cheque containing name of the Proprietor or Business entity, Bank Account No., MICR, IFSC and Branch details including code.

10. Digital Signature

All application for GST registration must be digitally signed with a Class 2 Digital Signature. Hence, its important that digital signature be obtained for the following person who is authorized to sign the GST registration application before beginning the application process.

#gst return filing #gst registration #gst #gstindia #gstnews #gst updates

LLP Registration In Bangalore

LLP Since, its introduction in 2010, LLPs have been well received with over one lakhs registrations in India.

https://synmac.in/LLP-Registration-in-Chennai.php

For a long time, there has been a demand for a business structure that combines the flexibility of a Partnership firm with the benefits of Limited Liability of a Private Limited Company while maintaining a low compliance cost. Limited Liability Partnership Firms were created as a means of replacing the limitations of partnership firms and the rigidity of companies. This business structure would be beneficial to small and medium businesses in general, as well as businesses in the service sector in particular. In India, the LLP Company Registration concept was first introduced in the year 2008 and is governed by the Limited Liability Partnership Act of 2008. Recently, the Limited Liability Partnership Firm registration online have become a popular choice among entrepreneurs because it provides advantages of both a partnership firm and a company into a single entity. The primary requirement for LLP company registration online is a minimum of 2 partners (one of the partner must reside in India). However, there is no upper limit on themaximum number of partners that can be added in a LLP firm registration. The LLP agreement governs the rights and responsibilities of designated partners. They are directly responsible for ensuring that all provisions of the LLP Act, 2008 and the LLP agreement are followed. A Limited Liability Partnership firm (LLP) is a corporate business vehicle that provides its members with the benefits of a company’s limited liability while also allowing them to manage their internal operations & management i.e., similar to a partnership firm. In terms of liability under a Limited Liability Partnership, only the company is liable for all the losses or debts incurred during the course of business. Synmac a leading Business Consultant, offering quick Online LLP

Registration Service in India with five simple steps: 1) Preparation of Digital Signature Certificate (DSC) and Director Identification Number (DIN). 2) Choosing Unique Name for your LLP. 3) Preparing LLP registration documents.

4) Filing e-forms with MCA. 5) Allotment of LLPIN, PAN & TAN.

Once, the approval is granted from the MCA Department, your New LLP Registration Process is complete and you can now Open a CURRENT ACCOUNT for your company in your favorite's bank and start the business operations.

BENEFITS OF LLP REGISTRATION LLP REGISTRATION BENEFITS

The Limited Liability Partnership registration online has following benefits:

- The cost of LLP registration is quite less ranging from Rs. 500 to Rs. 5600. - Because partners do not have unlimited liability, they are less exposed to risk. Among other business structures, LLP company registration online is a safer option as partners' personal assets are not dissolved incase the company goes bankrupt.

- LLPs are easier to manage because the Board of Directors has more authority. In terms of company management, shareholders have little power, making them easier to govern.

- There are no restrictions on transferring or leaving an LLP, so joining and leaving is simple.

- They have an infinite life span, allowing for perpetual succession. The operation or working of an LLP firm is not dependent on the partners or the management structure. Therefore in case of any change in the management, the working of LLP is not compromised.

LLPS benefit from a number of tax advantages. They are also exempt from mandatory

audits unless their annual revenue exceeds 40 lakhs.

For more Information kindly contact synmac consultant private limited we always happy to assist you click the below link For information**👇**https://synmac.in/contact-us.php

ITR For Consultants

What is ITR?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

Company Registration in Chennai

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Is it mandatory to file Income Tax Return?

As per the tax laws laid down in India, it is compulsory to file your income tax returns if your income is more than the basic exemption limit. The income tax rate is pre-decided for taxpayers. A delay in filing returns will not only attract late filing fees but also hamper your chances of getting a loan or a visa for travel purposes.

Who should file Income Tax Returns?

According to the Income Tax Act, income tax has to be paid only by individuals or businesses who fall within certain income brackets. Mentioned below are entities or businesses that are required to compulsorily file their ITRs in India:

All individuals, up to the age of 59, whose total income for a financial year exceeds Rs 2.5 lakh. For senior citizens (aged 60–79), the limit increases to Rs. 3 lakh and for super senior citizens (aged 80 and above) the limit is Rs. 5 lakhs. It is important to note that the income amount should be calculated before factoring in the deductions allowed under Sections 80C to 80U and other exemptions under section 10.

All registered companies that generate income, regardless of whether they’ve made any profit or not through the year.

Those who wish to claim a refund on the excess tax deducted/income tax they’ve paid.

Individuals who have assets or financial interest entities that are located outside India.

Foreign companies that enjoy treaty benefits on transactions made in India.

NRIs who earn or accrue more than Rs. 2.5 lakh in India in a single financial year.

Income can be of various forms such as :

Income from salary

Profits and gains from business and profession

Income from house property

Income from capital gains

Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.

The Income Tax Department has prescribed 7 types of ITR forms — ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.

For more Information kindly contact synmac consultant private limited we always happy to assist you click the below link For information**👇**https://synmac.in/contact-us.php

#itrfiling #income tax #taxrefund #tax regime #income tax return

Company Registration In Chennai

Online Company Registration in India — An Overview

One of the most highly recommended methods for starting a business in India is to establish a private limited company, which provides its shareholders with limited liability while imposing certain ownership restrictions. When it is LLP, the partners will manage it. On the other hand, a private limited company allows for directors and shareholders to be separate entities.

As your dependable legal advisor, synmac offers a cost-efficient service for registering your company in India. We handle all legal procedures and ensure compliance with the regulations set forth by the Ministry of Corporate Affairs (MCA). Upon successful completion of the pvt company registration process, we provide you with an Incorporation certificate (CoI), as well as PAN and TAN documents. With these in hand, you can easily establish a current bank account and commence your business operations.

Online Company Registration in India — An Overview

Benefits of Pvt Ltd Company Registration

There are numerous advantages to registering a company. By doing so, you enhance the credibility of your business, which can lead to increased consumer trust. Additionally, company registration can provide various benefits that can help your business to grow and succeed.

Shield from personal liability and protects from other risks and losses

Attract more customers

Procure bank credits and good investment from reliable investors with ease

Offers liability protection to protect your company’s assets

Greater capital contribution and greater stability

Increases the potential to grow big and expand

Checklist for Private Limited Company Registration in India

As defined by the Companies Act, 2013 one must guarantee to meet the checklist requirements without fail for Private Limited Company Registration in India.

Two Directors:

A private limited company must have at least two directors, with a maximum of fifteen. A minimum of one of the company’s directors must be a resident of India.

Unique Name

The name of your pvt ltd company must be unique. The suggested name should not match with any existing companies or trademarks in India.

Minimum Capital Contribution:

There is no minimum capital amount for a Pvt ltd company. A Pvt limited company should have an authorised capital of at least ₹1 lakh.

Registered Office:

The registered office of a pvt ltd company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord.

Steps For Company Registration in India

Startups in India can gain an edge over non-registered competitors by registering their company. While the process of registration is getting complicated and involves numerous compliance requirements, need not worry as Synmac is here to assist you every step of the way. Our team of professionals can provide comprehensive support for pvt company registration.

Step 1: RUN Name Approval

The first step of company registration involves the registration of your desired name. To reserve a name for your company, you must first submit a request for name approval to the Ministry of Corporate Affairs (MCA). You may include one or two potential names, along with a description of your business objectives, in your application for name approval. If your first choice is not approved, you may submit one or two additional names for consideration. Typically, the MCA approves name requests within five business days. Our team of experts can help you choose the ideal name for your company and guide you through the government registration process.

Step 2: Directors’ Digital Signature Certificate (DSC)

The MCA in India does not recognize traditional signatures. Instead, all filings with the MCA must include a digital signature certified by an Indian certification authority. Thus, it is mandatory for directors to have digital signatures prior to the company’s incorporation.

Synmac will obtain a digital signature certificate (DSC) for the directors through a recognized certification entity. To obtain a digital signature, directors must provide a copy of their identification documents and successfully complete a video KYC process. If a director is a foreign national, the nearest embassy should apostille their passport and other documents for company registration.

Step 3: Submitting the Company Incorporation Application

After obtaining the necessary digital signatures, submit the incorporation application in SPICe form along with all relevant attachments to the MCA. The application for incorporation includes the company’s Memorandum of Association (MOA) and Articles of Association (AOA). If the MCA deems the incorporation application to be complete and acceptable, the company can get the Incorporation certificate and PAN. Typically, the MCA approves all incorporation applications within five business days.

Private Limited Company Registration Compliances

After the process of company registration in India, it is necessary to adhere to various compliance regulations in order to avoid potential fines and legal repercussions. Some of the key post-registration requirements include:

Auditor Appointment: Within 30 days of incorporation, every Indian company must appoint a practicing's, certified, and registered Chartered Accountant(CA).

Director DIN KYC: Every year, individuals who possess a Director Identification Number (DIN) should undergo a DIN KYC process. During the company incorporation process, the company can get the DIN. This helps to verify the phone number and email address on file with the MCA.

Commencement of Business: The shareholders of the company must deposit the subscription amount specified in the MOA within 180 days of incorporation, and the company must create a bank current account. Therefore, to receive a business incorporation certificate, the shareholders of a company established with a paid-up capital of ₹1 lakh must deposit ₹1 lakh into the company’s bank account. They should also file a copy of the bank statement with the MCA.

MCA Annual Filings: Every financial year, the MCA must get a copy of the financial statements from each company registered in India. A corporation that incorporates between January and March may elect to include the first MCA annual return in the annual filing for the following fiscal year. Forms MGT-7 and AOC-4 are the components of the MCA yearly return. The Directors and a working professional must digitally sign both of these documents.

Income Tax Filing: Every financial year, businesses should file an income tax return using form ITR-6. The business should file the income tax before the deadline for each financial year, irrespective of the date of incorporation. The company’s income tax return must be digitally signed using the director’s digital signature.

Requirements to Start a Private Limited Company

Before incorporating a firm, it must meet a specific set of conditions. The following are such conditions:

1. Directors and Members

As mentioned earlier, at least two directors and no more than 200 members are necessary for legal Private Limited Company Registration in India. This is a mandatory requirement as per the Companies Act of 2013. The Directors should honor the following conditions:

Each directors should carry a DIN issued by the MCA

One of the directors must be an Indian resident, which means they must have spent at least 182 days there in the previous calendar year.

2. The Business’s Name

When selecting a name for a private limited company, there are two factors must be into consideration:

Name of the principal activity

PRIVATE COMPANY REGISTRATION

PRIVATE COMPANY REGISTRATION What is PRIVATE COMPANY REGISTRATION? Private Limited Company is the most prevalent and popular type of corporate legal entity in India. The Ministry of Corporate Affairs governs private limited company registration in India. Companies are incorporated and regulated under the Companies Act, 2013 and the Companies Incorporation Rules, 2014. Minimum Requirements For Company Registration Minimum 2 Shareholders: The shareholders of a private limited company can be a corporate entity or a natural person. Two Directors: A private limited company must have at least two directors and at most, there can be 15. Of the directors in the business, at least one must be a resident of India. Unique Name: The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India. Minimum Capital Contribution: There is no minimum capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh. Registered Office: The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NOC is obtained from the landlord. Advantages of registering a private limited company Equity Raise: A company can raise equity capital from persons or entities interested in becoming a shareholder. Hence, a private limited company is a must for Entrepreneurs looking to raise money from angel investors, venture capital firms, private equity firms and hedge funds. Limited Liability Protection: A private limited company provides limited liability protection to its shareholders. In case of any unforeseen liabilities are created, it would be limited to the company and would not impact the shareholders. Separate Legal Entity: A private limited company is legally recognised as a separate entity. Hence, a company can have its PAN, bank accounts, licenses, approvals, contracts, assets and liabilities in its unique name. Perpetual Existence: A company has perpetual existence and never ends without reason. For a company to lose its existence, it has to be wound-up by the Promoters or be wound-up by the Government. Hence, a company can only be wound up for reasons like non-compliance or failure to comply with rules and regulations. Easy Transferability: As the ownership of a company is represented by shares - the ownership of a company can be transferred to any other legal entity or person in India or abroad easily - in part or whole. Further, since the shareholders control the Board of Directors, the Directors can also be replaced easily by shareholders to ensure business continuity easily at all times. Private Limited Company Registration Process: 1. Application of DSC & DPIN: First of all, the partners have to apply for Digital signature and DPIN. Digital signature is an online signature used for filing and DPIN refer to Directors PIN number issued by MCA. Director Identification Number (DIN) is a unique number ass

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3.Address of the registered office

Upon completion of the registration process, the company should give the permanent address of the business’s registered office to the company registrar. The registered office is the primary location where business takes place and stores all documentation pertaining to the company.

4. Getting Additional Documents

To verify the authenticity of electronically submitted documents, every business must obtain a DSC. Furthermore, the business needs credentials from such professionals as secretaries, chartered accountants, and cost accountants that engage them for various operations.

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TDS, TAX RETURN FILING CONSULTANTS IN CHENNAI

Tax deducted at source (TDS), as the name implies aims at collection of revenue at the source of income. It is essentially an indirect method of collecting tax which combines the concepts of “pay as you earn” and “collect as it is being earned.”

Its significance to the government lies in the fact that it prepones the collection of tax, ensures a regular source of revenue, provides for a greater reach and wider base for tax. At the same time, to the tax payer, it distributes the incidence of tax and provides for a simple and convenient mode of payment.

The concept of TDS requires that the person on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient.

The deducted sum is required to be deposited to the credit of the Central Government. The recipient from whose income tax has been deducted at source, gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor.

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